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Author Topic: Reality Check?  (Read 2780 times)

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Offline NENumismatist

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Reality Check?
« on: October 01, 2018, 07:52:38 pm »
Many, many decades ago I was a young numismatist and loved collecting coins (actually, I liked collecting coin books even more than I liked collecting coins).  Then college happened.

About 10 or 15 years ago I wanted to get back into collecting but everything was slabbed and that was just depressing.   Since I had flown out to the coin show I decided to at least walk around and stumbled onto ancients.  I loved the history and I loved that I can hold the coins.   I've taken great joy in reading about all these wonderful ancient civilizations. 

I got involved with a well known southern California dealer and learned a lot but probably spent more than I should have buying these wonderful 2000 year old coins.   Then that well known dealer got himself into some real trouble and I lost a lot of sleep wondering how much trouble I was in.  Fortunately prices for ancients had increased so much I came out pretty much ok.  But it left me with a bad feeling and I drifted away from the hobby again. 

In the last few months I've found myself getting really interested in ancient and medieval coins again.   I've been reading this forum obsessively and I've read the last 20 years of Numismatists.   

Between the shady dealers stories, the new and proposed laws on antiquities and the crazy prices ancient coins have been getting am I dumb to be putting real money back into coins?  I don't care about the investment aspect but I can't afford to stupidly lose money (either to a shady dealer, a market collapse or an antiquities repatriation push). 

Theoretically I could buy less expensive coins but lets be honest - we all get tempted and buy the best we can afford (or more likely better than we can afford!).

I realize I'm asking a very biased audience but I'd still love to hear your thoughts.  Thanks!

Offline JBF

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Re: Reality Check?
« Reply #1 on: October 01, 2018, 10:20:48 pm »
Coins with good provenance go for a premium.  There is an online service advertised that will check your coins for provenance, never used it myself.  I think they get hits on their database, and will tell you that they have a hit in a various time range, but not tell you where.  I believe they will tell you specifically for the fee.  If you already know about the sale, you don't have to pay them for the information.  At least that is my understanding.  But someday, when I get a camera set up, I think I will check them out.

Offline Joe Sermarini

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Re: Reality Check?
« Reply #2 on: October 02, 2018, 07:43:31 am »
Prices of ancient and medieval coins have risen nearly contentiously for centuries. I have handled coins with 80 year old tags priced under $.50 and sold the coins for over $50. There was one short period last century when "investors" without any interest except profit were buying ancient coins. When that period ended there was a short price drop on high end coins. Right now there is not much investor interest. Unless and until that happens again, I believe collecting ancient coins is a low risk hobby, that can be inexpensive, and is potentially profitable. If coin investment funds start buying ancient coins again, then it will certainly be the time to sell.
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Offline JamesC11

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Re: Reality Check?
« Reply #3 on: October 03, 2018, 02:18:03 pm »
 Hello NENUMISMATIST:  As you are a reader, you might enjoy Doug Smith's articles The Coin Show and The Coin Show Revisited, which can be found by mousing "Resources--Hosted Sites" above.  My own small collection compares the decline of the American silver dollar from Morgan to the current base metal version with the decline and fall of the Roman denarius.  When I first acquired the dollars, one still found 1889 Morgans in use in Las Vegas and Reno.  That was the start of the collection.  I have bought uncleaned Roman junk from Spain and "Serbia" and finer coins from dealers including the demised firm you mention.  Whether you are trying to make a small fortune in ancients, or merely amuse yourself, it is like a visit to Vegas: the real question is, did you enjoy the trip?

 

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